Budget 2023 - Impact On Market Infra, Tech & Others
The Finance Minister, Nirmala Sitharaman has announced a significant change in the income tax regime. The new income tax regime has seen a major update in the income tax slab rates for 2023-24.
The union budget of India is the annual financial statement presented by the finance minister of India. The annual budget outlines the evaluated government revenue and expenditures for the upcoming financial year.
This is a very important document that shows the priorities, initiatives, and plans to make the economy of the country stronger.
The Union Budget 2023 was presented on 1st February 2023 by the Union Finance Minister Nirmala Sitharaman. The following are the major sectors to be focused on under budget 2023-2024.
Major Market Impacts - budget 2023
The budget of 2023 has brought some reforms with the motive to enhance the agricultural sectors including a cash transfer of Rs 2.2 lakh crore under the PM-KISAN scheme. “Massive decentralized storage capacity to help farmers store produce and realize reasonable prices,” FM said.
Finance minister Nirmala Sitheraman stated in budget 2023, “There will be new 157 nursing colleges along with the funding to change the waste or useless old government vehicles and ambulances.
She stated “The budget has proposed significant investment in the healthcare sectors. The establishment of 157 new nursing colleges is to be done.
The FM stated in budget 2023 - This budget will put light on infrastructure spending for development. The Government proposed to launch Pradhan Mantri Kaushal Vikas Yojana 4.0 under Skill Development Ministry.
The allotment for the Pradhan Mantri Awaas Yojana has been raised by 66% to Rs 79,000 crore with the aim of the timely construction of urban and rural houses.
100th of the Labs are declared to be opened For 5G service. 3 New centers will be opened for the development of artificial intelligence.
Finance Minister declared 35 crores for priority capital investment for the energy transition, net zero objectives, and energy security by the ministry of petroleum and natural gas. Green credit policy, and incentives for further growth.
“A lower tax rate of 15% for new cooperative societies is proposed in the budget 2023” - FM Nirmala Sitharaman
“Tax rebate limit is increased 7 lakhs” - FM Nirmala Sitharaman
“The government will launch Pradhan Mantri Kaushal Vikas Yojana 4.0” - FM Nirmala Sitharaman
“PM Pranam will be brought to incentivize states and Union Territories to enhance alternative fertilizers and balanced use of chemical fertilizers” - FM Nirmala Sitharaman
“The custom duty on the goods of gold and silver will be increased” - FM Nirmala Sitharaman
“PAN will be used as a common identifier for businesses across govt agencies to enhance ease of doing business.” - FM Nirmala Sitharaman
“The Government Will provide relief on customs duty on imports of certain parts and inputs like mobile phones, lenses, and camera duty, for another year” - FM Nirmala Sitharaman